Yields on Bills Decline In Sale of $4.8‐Billion

WASHINGTON, Aug. 30—Yields on Treasury bills declined today as the Government auctioned $4.8‐billion of short‐term securities in a financing moved ahead from Monday because of Labor Day.

The average discount rate for three‐month Treasury bills dropped to 9.167 per cent from 9.908 per cent on Monday. The average rate on six‐month bills fell to 9.283 per cent from 9.930 per cent.

The decline from Monday's record‐high rates, dealers said, resulted chiefly from two influences on the money market. For one thing, the Federal Reserve is believed to have backed off from its policy of tough restraint; for another, the money market is reflecting a sense of relief after completing the Treasury's heavy borrowing in August.

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A version of this archives appears in print on August 31, 1974, on Page 31 of the New York edition with the headline: Yields on Bills Decline In Sale of $4.8‐Billion. Order Reprints|Today's Paper|Subscribe